Launched in 2015, Factom is a blockchain-based system that is used to secure real-time records on the Bitcoin blockchain. It was created to provide an honest and transparent method for data storage and to fight fraud, corruption, and forgery. Using the Factom system, users can store data of any size into a single hash, which is then recorded on the blockchain. The data can then be audited in a decentralized manner.
When a user stores data using Factom, the entries are accepted by the Factom servers and are then assembled into blocks and set in a predetermined order by creating a hash of the data collected. These entries are then inserted onto the Bitcoin blockchain (on the next block) making them permanent and immutable. The entries can then be audited, which ensures that all the information is correct before it is included in the Factom dataset. – Learn more
The Factom protocol provides developers with a quick, cost-efficient, and bloat-free way of creating applications on the bitcoin blockchain. It can be used to power a wide range of applications that go far beyond the transfer of value. These include audit systems, medical records, supply chain management, voting systems, property titles, legal applications, financial systems, and more.
The native value currency in the Factom system is called Factoids (FCT). They are used to moderate and reward the system actors. Factoids can be converted into Entry Credits, which in turn can be used to pay for entries on Factom. Entry Credits can`t be converted back into Factoids, however.
Factom has released several products created for enterprise use. These products are used throughout the public, private, and nonprofit sectors to help organizations quickly implement solutions to the hardest problems they face in data integrity, audit, and compliance. Among them are the Apollo, Iris and Hera projects.
Recently, Factom has been establishing itself as one of the most relevant projects in the blockchain space. After completing a Series A funding round during October (in which it gathered $4.2M), Factom has recently received a grant from the Bill & Melinda Gates Foundation to secure medical records that are persistent, readily available, and reliable.
Furthermore, Factom has recently announced the addition of three veteran executives: Mahesh Paolini-Subramanya, Laurie Pyle, and Jason Nadeau that will be present in the team moving forward into 2017.